expand esi and pf_____________
Answers
Answer:
1)Employees' State Insurance Scheme of India (ESI)
an integrated social security scheme tailored to provide social protection to workers and their dependants, in the organised sector.
2)Provident Fund (PF)
A provident fund is a government-managed, mandatory retirement savings scheme used in India, Singapore, and other developing nations
Explanation:
1)ESI: ESI scheme is a cover for workers which protects them with medical care for the insured. Additionally their dependents are covered as well. Finally ESI offers a variety of cash benefits during loss of wages or disablement. Also, the scheme offers pension known as dependent benefit to the family members of the insured person in case of death or injury due to occupational hazards while at work.
2)PF: Anyone who is a salaried employee will have a monthly payment with several deductions. One such deduction is for the provident fund, which is explicitly stated on an employee’s payslip.
The funds received from employees are pooled and held by a trust. The pooled funds often produce interest at a rate decided by the government. This balance continues to grow with an employee’s monthly contributions, as well as the necessary annual compound interest.